![]() ![]() Compensation offered to the officers in the form of Wages and Salaries.The gross profits and receipts of the business.The IRS expects the business to furnish the following information in Form 1120-S. S corporation will enter three types of information on Form 1120-S, namely their income, their deductions, their taxes, and payment. Tax information that is reported in Form 1120-S This form is used to report the gains, deductions, income, and losses of the business during the current tax year. Form 1120-S is used by such S corporations to file their federal tax return with the IRS every year. ![]() It generally serves as a pass-through entity for the corporation, that passes its income and its losses through its shareholders to gain income tax benefits. S Corporation is a tax status offered by the IRS to a business. ![]()
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